As of writing this, bitcoin is fully controlled by bears. It’s broken below numerous key areas of support. Currently it seems to be finding some support near the bottom of the $3,800-$3,600 support zone. It was unable to decisively break back above $4,000. The next area of support lies between $3,400 and $3,250. If price decisively breaches $3,600, expect a drop to at least $3,400.
The 1 week RSI is nearly oversold. Anything below 25 on the weekly RSI is a decent place to dollar cost average into a long position. That said, don’t go heavy. Things may well get uglier before they get better, but I do believe they will get better…MUCH better! I stand by my statement that Bitcoin will be at all time highs by fall of next year.
In today’s video analysis I give an overview of the current market, discuss where price may be heading next, trading strategies and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing.
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